SAN FRANCISCO (KRON) – A wise word to millennials. It may be a good idea to skip on the avocado toast or fancy latte art.
A new survey says 49 percent of millennials spend more money eating out than they do saving for retirement, according to the survey by financial online marketplace LendEDU.
That 49 percent spends around $163 a month on restaurants and dining out.
37 percent of those surveyed say they aren’t even saving for retirement at all, while those who are saving say they put away an average of $480 a month for retirement.
Some findings directly from the survey reveal the average millennial spends:
- $38 per month on coffee
- $75 per month on alcohol
- $39 per month on marijuana
- $281 per month on groceries
- $49 per month on concerts, sporting events, and other events
- $43 per month on tobacco, vaporizer, or JUUL products
- $7 per month on music streaming services
- $23 per month on gym or exercise expenses
To get these results, analysts asked 1,000 Americans between the ages of 22 and 37 how much they save for retirement each month (through 401K, savings account, or other) and that number was then compared against how much they spend per month on common 2018 expenses.
To see the full study results, click here.